Shepway District Council Appear to have gone into the lending market for Mortgages. No 19 Castle Hill Avenue, Folkestone CT20 2QU, a property less than 200 metres from the Civic Centre, is part owned by SDC.
The property has 7 flats and is currently on the Market to be sold for a price between £350,000 and £500,000 according to GVA (Bilfinger Real Estate).
The Deed which is publicly available from the Land Registry and which can be seen here 19 Castle Hill Avenue Title Deed does not unfortunately tell us how much SDC have invested into the Property, along with Wellesley Finance PLC.
It does though tell us that Mr Paul Edward Hague is the Registered Owner. Mr Paul Edward Hague did set up a company called GROSVENOR FOLKESTONE MANAGEMENT CO LTD which was dissolved via voluntary strike-off on the 25 February 2014. Another company Mr Hague was involved with was ABBEYWELL ESTATES LTD which to was dissolved via voluntary strike-off on the 18 March 2014.
SDC have made an Equitable charge created by an interim charging order of the County Court at Canterbury dated 25 June 2015 in favour of Corporate Debt Team (Court Reference B00CT485).
An Equitable Charge does not pass on the ownership or possession to a creditor but gives him or her the right to the judicial process for recovery of the loan amount in case of non-payment.
So it would appear that even though both of Mr Hague’s companies have been dissolved, SDC will be able to reclaim the Monies lent to him (which is reassuring for the Shepway Taxpayer)
19 Castle Hill Avenue (formerly the home of the Bouverie Club) was an empty property and SDC have lent money to bring it back into use and it has been sitting empty since its completion for the last 6 months at least.
Homelessness has risen by 42% across Shepway and here are 7 flats unoccupied which could give homeless persons a temporary home until something more permanent could be found for them, but alas it would appear SDC did not invoke such a right as a lender.
If you wish to know more about the lending arrangements Cllr Alan Ewart James (below), Cabinet Member for Housing is the man to Contact
Also Cllr David Monk Leader of the Council (below) should also be contacted as the amount reputed to have been lent to Mr Hague, on 2 occasions, was quite substantial indeed.